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Near-Term Outlook Appears Bleak for Steel Producers’ Stocks

The Zacks Steel Producers industry consists of producers of a wide range of steel products for a number of end-use industries including automotive, construction, appliance, container, industrial machinery, transportation, and oil and gas. These products include hot-rolled and cold-rolled coils and sheets, hot-dipped and galvanized coils and sheets, reinforcing bars, billets, wire rods, strip mill plates, standard and line pipe, and mechanical tubing products. Here are the industry’s three major themes: • Waning steel demand poses problems for steel producers. A slowing Chinese economy amid lingering trade conflict with the ...

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China’s Hebei to halt 3 mil mt/year steelmaking capacity in Sep; impact seen limited

China will suspend around 3 million mt/year of steelmaking capacity in the steelmaking hub of Hebei over September for environmental reasons, but this is not expected to dent the country’s overall steel production in the month, market sources said Wednesday. Hebei province’s Handan city has ramped up steel output cuts in September to guarantee clear skies for the upcoming National Day celebrations on October 1. Combined pig iron capacity suspended in Handan, as well as in Hebei’s Tangshan city, will be around 2.9 million mt in September, up 5.5% from ...

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Shipping industry to expand digital transformation with $38.4 billion investment

The global maritime industry is on the verge of investing over $38.4 billion Information and Technology and digitization of the freight market in the next 28 years. A new report on Information and Technology and digitization in the maritime industry, revealed that the market would expand at a CAGR of 10 per cent from 2019 to 2027, attributing the expected growth to increased importance and dependency on IT & digitization within the shipping industry.Over the forecast period, Asia Pacific is anticipated to grow rapidly in the digital transformation of maritime ...

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India’s coal-fired energy sector faces risk: Report

India’s coal-fired energy sector is facing increasing pressure due to generator over-capacity, water shortages and the rise of low-cost renewables, a report by the US-based Institute for Energy Economics and Financial Analysis (IEEFA) and the Applied Economics Clinic (AEC) said on Wednesday. The report — ‘Risks Growing for India’s Coal Sector’ — provides an overview of the ongoing challenges facing India’s coal-fired generators due to changes in the energy sector, fluctuations in water supply and stranded-assets as well as other risks. “The energy landscape has changed dramatically in recent years ...

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GRAINS-U.S. wheat futures rebound as harvest pace lags

U.S. wheat futures rallied nearly 1% on Wednesday, rebounding from a near four-month low touched in the previous session, as the U.S. Department of Agriculture pegged the pace of the harvest behind market expectations. FUNDAMENTALS * The most active wheat futures on the Chicago Board Of Trade were up 0.8% at $4.57-1/4 a bushel, as of 0118 GMT, having closed down 1.9% on Tuesday when prices hit $4.51, their lowest since May 16. * The most active soybean futures were down 0.1% at $8.67-1/2 a bushel, after closing little changed ...

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HOT PORT NEWS from GAC

Unification of rules for rebates for transiting vessels Wednesday, September 4, 2019, Suez Canal, Egypt

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Survitec Sets New Standard In Lifejacket Safety With The Introduction Of Halo

Safety and survival partner Survitec has introduced a completely new lifejacket designed to provide helicopter transfer passengers with a level of safety, comfort and in-water performance not currently available in the energy aviation sector. Unveiled today at the SPE Offshore Europe exhibition, in Aberdeen, Scotland, the Halo passenger lifejacket now provides operators with the most advanced lifejacket solution available for helicopter transfer safety. “Having launched the first passenger transfer lifejacket with compressed air in 2014, Halo was the next logical step in our mission to continuously evolve and keep our ...

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Take The Mission To Seafarers’ ‘WATER Challenge’

To celebrate World Maritime Day on 26 September 2019, The Mission to Seafarers has launched a worldwide ‘Water Challenge’. The campaign aims to raise money in aid of seafarers around the globe by asking individuals, groups of friends, and corporate teams to organise and participate in their own sponsored water-themed challenge. This can be as simple as a sponsored walk around a nearby lake or a water pistol fight, or as ambitious as a long distance swim or sponsored sailing adventure. All participants are invited to create their own Just ...

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Wärtsilä solutions to support Hurtigruten’s green push in expedition cruises

The technology group Wärtsilä will supply a broad scope of solutions that will support Hurtigruten, the world’s largest expedition cruise operator, in its push for greener and more sustainable shipping. Hurtigruten, considered one of the world’s most sustainable cruise operators, is converting an additional three vessels to become premium, hybrid powered expedition cruise ships. The order with Wärtsilä was placed in Q2 2019 and covers the ‘MS Finnmarken’, the first of the three vessels to be upgraded. Following the conversion project, the 140 metre, 530 guest MS Finnmarken will be ...

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Iran to release seven crew members of detained British tanker

Iran will free seven crew members of the detained British-flagged tanker Stena Impero, Iranian state television reported on Wednesday. Foreign Ministry spokesman Abbas Mousavi told the TV that the seven, who include Indian citizens, were allowed to leave the tanker on humanitarian grounds and could leave Iran soon. “We have no problem with the crew and the captain and the issue is violations that the vessel committed,” Mousavi said. The Swedish-owned Stena Impero was detained by Iran’s Revolutionary Guards on July 19 in the Strait of Hormuz waterway for alleged ...

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Australia’s Decision To Join US Coalition To Protect Shipping In Gulf

Australia has decided to join the US-led coalition to protect shipping in the Strait of Hormuz and the greater Gulf. Others are hesitating and its joining at this critical juncture may spur some to also join. But its decision to do so is controversial and may have been based in part on misunderstandings and false assumptions. In response to perceived increasing threats to shipping, the U.S. has proposed “Operation Sentinel”—now being called the International Maritime Security Construct (IMSC) to “ensure safe passage _ _ throughout the Arabian Gulf, Strait of ...

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SDRL – Sonadrill Joint Venture Contract Award

Sonadrill Holding Ltd (“Sonadrill”), Seadrill Limited’s (“Seadrill”) 50:50 joint venture with an affiliate of Sonangol E.P. (“Sonangol”), has secured a nine well contract with six options, each for one well, in Angola for the Libongos drillship. The estimated total contract value is $101 million with commencement expected late Q3 2019 and running to early 2021. The Libongos is the first of two Sonangol owned drillships to be bareboat chartered into Sonadrill along with two Seadrill-owned or managed units. Seadrill will manage and operate the four units on behalf of Sonadrill. ...

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LNG tanker Velikiy Novgorod due to arrive at UK’s Isle of Grain on Sept. 16

Liquefied natural gas tanker Velikiy Novgorod is due to arrive at Britain’s Isle of Grain terminal on Sept. 16, according to Refinitiv Eikon data. * The tanker has a capacity of around 170,000 cubic metres and is coming from the United States. Source: Reuters (Reporting by Nina Chestney, editing by Louise Heavens)

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Navis MACS3 API Services Improve Safety, Collaboration and Efficiency for Transportation of Seaborne Container Cargo

Navis delivers MACS3 API services to check vessel strength & stability, dangerous goods and lashing calculations for all stakeholders in the ocean container supply chain Navis, a part of Cargotec Corporation, and the provider of maritime software solutions for cargo and vessel performance and compliance, announced the launch of the MACS3 API Services at its Carrier and Vessel Solutions’ APAC Customer Conference in Singapore. MACS3 API Services unlock loading computer calculation results to manage safe cargo handling across the supply chain. “For the first time, ports, terminal operators, carriers and ...

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Freeport LNG Ships First LNG Commissioning Cargo

Freeport LNG yesterday announced that it has shipped the first LNG commissioning cargo for Train 1 from its liquefaction facility located on Quintana Island in Freeport, Texas. Approximately 150,000 cubic meters of LNG were loaded aboard the LNG Jurojin, which departed from the Freeport LNG terminal on September 3. “This first cargo loading is another significant step that gets us one step closer towards our start of commercial operations which is anticipated later this month,” said Michael Smith, Founder, Chairman and CEO, Freeport LNG. “We are very pleased that it ...

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